[2017-06-19] Moneycontrol: Bitcoin: Unlikely to be legalised, difficult to ban

[polynesia]

Bitcoin: Unlikely to be legalised but difficult to ban, says govt official

http://www.moneycontrol.com/news/business/economy/govt-panel-on-finalising-report-on-bitcoin-regulation-2307647.html

The government will soon take a call on whether India should regulate virtual currencies such as bitcoins—a cryptocurrency used as a digital mode of payment.

A committee comprising officials from finance ministry, NITI Aayog, ministry of information technology, State Bank of India and the Reserve Bank of India (RBI) is giving final touches to a report on the way forward for virtual currencies in India and whether or not to legalise or regulate them.

The panel is also examining the existing international framework on virtual currencies and will suggest measures on consumer protection and prevent money laundering.

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[onrise]

Well under such circumstances if they are not able to legalize probably they can easily ban if govt is against such currency. They may clearly say that since we cannot regulate there are chances of misusing it and so ban in place may come just like we have ban in gambling. SO any found dealing with bitcoin they may create a law and put them behind the bars.

[Arjunking]

The article mentions that Russia has banned bitcoin which isn't true so can't trust the article.

Russia had initially thought of banning it but later on ended up accepting it

https://www.cryptocoinsnews.com/bitcoin-legal-default-russia-says-new-federal-tax-document/

https://themoscowtimes.com/articles/russia-is-becoming-a-cryptocurrency-haven-58175

[iram3130]

http://www.coindesk.com/bitcoin-india-inches-closer-developing-cryptocurrency-rules/

I feel the real thing is that even if the Indian govt ban Bitcoin, people will not stop using it and Bitcoin will gain more people. The better idea would be try to legalize it and think about how govt can put taxes on it.

[AK47-]

Today only I read this article from CoinTelegraph which states that bitcoin is close to get legalized in India.

 " CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term. "

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

[bitcoinisbest]

http://www.coindesk.com/bitcoin-india-inches-closer-developing-cryptocurrency-rules/

I feel the real thing is that even if the Indian govt ban Bitcoin, people will not stop using it and Bitcoin will gain more people. The better idea would be try to legalize it and think about how govt can put taxes on it.

Well certainly this will not be case. Say there are 5 lakhs in btc in India then after ban only 50k or so will be still doing it rest will get out since its being ban. Take an example of gambling currently what population of India does it and think once it get legalized it will increase manifolds.


Contradicting article. Ystd as per Newsbtc Govt has still Undecided About Bitcoin’s Regulatory Status.

http://www.newsbtc.com/2017/06/20/india-bitcoin-regulation-undecided/

[daneranon89]

http://www.coindesk.com/bitcoin-india-inches-closer-developing-cryptocurrency-rules/

I feel the real thing is that even if the Indian govt ban Bitcoin, people will not stop using it and Bitcoin will gain more people. The better idea would be try to legalize it and think about how govt can put taxes on it.

Well certainly this will not be case. Say there are 5 lakhs in btc in India then after ban only 50k or so will be still doing it rest will get out since its being ban. Take an example of gambling currently what population of India does it and think once it get legalized it will increase manifolds.


Contradicting article. Ystd as per Newsbtc Govt has still Undecided About Bitcoin’s Regulatory Status.

http://www.newsbtc.com/2017/06/20/india-bitcoin-regulation-undecided/

Bitcoin will not be banned in India. But I expect the Government to have strict laws and tax rate imposed on bitcoin traders as a measure to discourage people from dealing in bitcoin trading and investing activities. We will have to see how things will turn out.

[erikalui]

I don't mind taxes being imposed on the currency and them tracking transactions. A ban is too harsh and wouldn't be fair as well.